Cost accountants are now in a spot

The over 45,000 practising cost accountants may find themselves in a spot as the government proposes to dilute Section 14A and Section 14AA of Central Excise Act, pertaining to valuation of costing and pricing of goods, the Institute of Cost and Work Accountants of India (ICWAI) has said.

As per the fresh proposal, chartered accountants can undertake audit, which relate to the valuation of goods for the purpose of levy of excise duty and hitherto a domain specific to cost accountants.

ICWAI president Kunal Banerjee said if the intention is to equate both the professions on equal footing, then it should be extended to all areas of tax laws and the cost accountants should immediately be recognised under the definition of “accountants” under the Income Tax Act.